EUME will use half of the capital for strengthening its marketing efforts, 30% for its working capital, and the remaining 20% for building team and IT infrastructure
Mumbai, February, 8th, 2023: Mumbai Angels, a premier platform for private investments, has invested an undisclosed amount along with other investors in EUME, a sustainable and eco-conscious luggage brand. The startup focuses on designing multi-purpose everyday accessories with useful innovation for the everyday commuter, jetsetter and family traveler with the core belief in ‘Doing the Undone’ in the luggage and accessories industry. EUME will use 50% of the new capital for bolstering its marketing efforts, 30% for its working capital, and 20% for team building and enhancing IT infrastructure.
Nandini Mansinghka, CEO of Mumbai Angels, said, “Sustainability in all aspects is the crux of the continued survival of our planet and humankind. Unfortunately, the fashion & accessories industry is one of the biggest contributors to global warming and climate change. EUME is on a quest to change this by creating eco-friendly, vegan bags that are functional and stylish. The brand has also been incredibly capital efficient. We are confident that our funding, combined with its immense potential, constant innovation, digital-first approach, eco-consciousness, and customer-centricity, will help EUME grow further.”
Naina Parekh, Co-founder of EUME, commented, “EUME focuses on building trustworthy relations, where you can rely on our brand without worrying about it. EUME’s goal is to give customers the best quality products at affordable pricing. All our products are made in India, and the latest collections are made using 100% vegan leather. As a brand, we want to be aware of our community and their likes and dislikes and ensure our product speaks the same language as the situation around us.”
She further added, “We have raised this round after investing more than INR 10 Cr in Eume as a family over the past 3 years. We are determined to grow Eume to the next level and have gotten it to this stage by taking many calculated risks. We firmly believe in sustainable growth, and the latest infusion of capital will help us achieve the same.”
EUME launched the World’s first, and patented, massaging backpack in July 2018. With patents issued in India and the USA, the 100% vegan lifestyle brand has a PCT filed worldwide and has appeared on popular shows like Shark Tank India and Good Morning America. The brand has grown almost 50% as compared to last year and aims to achieve a growth of 25% M-o-M post the closure of the latest funding round. EUME currently clocks a monthly run-rate of INR 1.8 Cr.